FG, States, LGs share N714.629bn in March FAAC amid revenue decline

VAM News April 20, 2023 in National Tagged FG, LGAs, march, N714.629bn, revenue decline, state - 1 Minute

THE Federation Account Allocation Committee shared N714.629 with beneficiaries in March 2023.

The amount shared in March 2023 represents a N10.9 billion decline from the N725.571 billion shared in the same period last year.

Bawa Mokwa, Director, Press and Public Relations at the Office of the Accountant General of the Federation, disclosed this in a statement on Wednesday.

The beneficiaries of FAAC are federal, state and local governments in Nigeria.

According to Mokwa, unlike the N722.677 billion shared by the three tiers of government in February, the federal, state and local governments shared N714.629 billion in March 2023.

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With N750,174 billion shared in January, it is on record the revenue shared by the three tiers of government had continued to decline three month-straight.

“The N714.629 billion total distributable revenue comprised distributable statutory revenue of N497.448 billion, distributable Value Added Tax (VAT) revenue of N202.693 billion and Electronic Money Transfer Levy (EMTL) of N14.488 billion.

“In March 2023, the total deduction for the cost of collection was N31.355 billion, and the total deduction for transfers, refunds and consultancy fees was N126.567 billion. The Excess Crude Account (ECA) balance remains at $473,754.57.

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“From the total distributable revenue of N714.629 billion, the Federal Government received N276.141 billion, the state governments received N232.129 billion, and the local government councils received N171.257 billion,” he said.

The government explained that N35.102 billion was shared with the relevant states as 13 per cent derivation revenue.

In March 2015, N435.061 billion was shared by the three tiers of government as FAAC.